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Matador Resources Company drills and operates wells, with almost all its production coming from the Delaware Basin in southeastern New Mexico and West Texas. Oil sales generate most of its revenue; natural gas and liquids extracted from gas provide additional income. Independent oil purchasers, gas marketers and midstream companies buy its output at prices largely tied to spot markets. A small group of purchasers accounts for most of these sales.
Matador also operates pipelines, gas-processing plants and facilities that collect and dispose of water produced alongside oil and gas. It runs this business mainly through San Mateo, its majority-owned joint venture with Five Point. These facilities move and process Matador’s production and earn additional revenue by serving other producers, generally under fixed-fee agreements.
Cash generation depends on commodity prices, continued drilling to replace declining well output, and access to processing and transportation capacity. Federal-land drilling requires federal permits in addition to state and local approvals. New Mexico’s earthquake-related disposal rules can restrict or halt wastewater injection, which can also constrain oil and gas production.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Matador's Delaware Basin production depends on San Mateo's processing and gathering infrastructure, co-owned with the private Five Point partner—not the unrelated California developer Five Point Holdings.
Permian Resources and Matador share exposure to Delaware Basin oil prices and drilling economics: both produce oil and gas in West Texas and New Mexico and sell to buyers at market-linked prices. Permian Resources' production growth offers a close comparison for Matador's core basin.
Devon Energy and Matador both put Delaware Basin oil development first, so market oil and gas prices affect both producers' sales to third parties. Watch Devon's Delaware drilling results rather than its wider portfolio: this is its largest, most active and best-funded program.
Diamondback Energy shares Matador's exposure to Permian oil prices and horizontal-well costs, including development of the same Wolfcamp and Bone Spring formations in the Delaware Basin. Its Delaware well results are the closer comparison; most of Diamondback's acreage is in the Midland Basin.
EOG Resources and Matador share both Delaware Basin production exposure and a route for moving processed natural gas to market: each contracts for transportation on Double E. News about that pipeline's service to the Waha area matters to both producers' gas deliveries.
Occidental Petroleum and Matador both produce Permian oil and gas, making basin oil prices and development economics relevant to both. Focus on Occidental's Permian results for the comparison, since its substantial operations elsewhere also shape its overall sales.
ConocoPhillips and Matador share Delaware Basin oil and gas economics and both pay for gas transportation on Double E to the Waha area. Pipeline service news is directly relevant to Matador's gas deliveries, while ConocoPhillips' worldwide commodity sales make its overall results a less focused comparison.
APA and Matador both depend on Permian oil and gas development, with the basin APA's largest source of production and cash flow. APA's reported reductions in drilling and well-completion costs offer a comparison for the economics of Matador's main development area.
Ovintiv and Matador both produce and market Permian oil and gas, so basin prices and shale-drilling costs affect both businesses. Ovintiv's Permian performance is the useful comparison, rather than totals that also reflect its substantial Montney and Anadarko operations.
SM Energy and Matador both earn most production revenue from selling oil and have substantial exposure to Permian horizontal drilling. Oil supplied 82% of SM Energy's production revenue in 2025, making its oil sales a useful comparison—but that year's revenue growth mainly reflected a full year of acquired Uinta production.
Battalion Oil and Matador sell oil and gas produced in the Delaware Basin, with acreage in the same Texas counties of Ward and Winkler. Battalion's production news provides a local comparison for Matador's exposure to basin prices and well-development costs.
Northern Oil and Gas shares the oil-price and drilling-cost pressures on Matador's wells, but funds a share of wells run by other producers in the Permian and other U.S. basins rather than operating them itself. Watch the drilling proposals it receives and chooses to fund: lower oil prices typically reduce both.
Chord Energy's Bakken wells and Matador's Delaware wells both rely heavily on crude prices and repeatable horizontal-well economics, despite being in different basins. Chord's oil prices received from refiners and marketers, after regional and transportation adjustments, offer a comparison for Matador's market-linked oil revenue.
Viper Energy's income follows the Permian prices and production activity that also drive Matador, but it collects a share of production income through mineral and royalty rights while the producers bear drilling and operating costs. Watch production on Viper's royalty acreage for a view of basin activity, not a comparison of Matador's costs.
Matador relies on Summit Midstream's majority-owned Double E pipeline for long-term contracted transport of Delaware Basin natural gas to the Waha area, paying for capacity under contracts that require payment even if unused. Watch Double E's transportation service and available capacity: they matter more directly to Matador's gas deliveries than Summit's broader gathering revenue.
Diamondback Energy, Inc. earningsFANG
Diamondback’s Delaware Basin well results and drilling costs give Matador a peer benchmark for its main development area.
Focus on Diamondback’s Delaware results, not company totals shaped mostly by its Midland Basin acreage. Strong local well results with manageable drilling and completion costs would show that development in the same formations is competitive, setting a higher peer benchmark for Matador’s projects. Weaker results or rising costs would ease that benchmark, but would not prove how Matador’s own wells performed. The takeaway is the peer standard facing Matador’s core-basin economics.
MATADOR RESOURCES COMPANY earningsThis company
With nearly 98% of Matador’s production coming from the Delaware Basin, this report will show whether production growth turns into cash to fund development there.
Read Delaware Basin production alongside the oil and gas prices Matador actually receives, then check operating cash flow. If production and cash flow both rise, added sales are outweighing price or cost pressure and leave more cash for development. If production rises but cash flow weakens, prices, costs or both are absorbing the gains and leave less room to fund development. The test is whether more output becomes usable cash.
Summit Midstream Corporation earningsSMC
Summit Midstream’s report will show how Double E’s service and available capacity affect Matador’s ability to move Delaware Basin gas to Waha.
Read Double E’s transportation service and available capacity alongside Matador’s gas deliveries. Reliable service and ample capacity mean Matador can more readily move gas to Waha and use transportation it is contractually required to pay for. Interruptions or limited capacity make deliveries harder, while the contract payments do not automatically go away. The question is whether Matador can move its gas and make use of the capacity it has committed to pay for.
